Subject: End Wall Street's Game of 'Heads I Win, Tails You Lose' s7-12-11

May 27, 2011

Elizabeth Murphy
100 F Street, NE
Washington, DC 20549

Dear Murphy,

America paid a terrible economic price because of irresponsible
risk-taking by Wall Street executives. Those executives took those
risks because they knew that they could walk away with billions of
dollars in bonuses and stock options and never pay for the long-term
consequences of their actions. We need tough rules so that Wall Street
pay packages don't encourage short-term risk taking.

Your rules should require at least a five year deferral period for
executive bonuses at big banks, ban executive hedging of their pay
packages, and require specific details from banks on precisely how they
ensure that executives will share in the long-run risks created by
their decisions. It should apply to the full range of important
financial institutions, and draw in all the key executives at those
companies.

Once this rule is passed, only you will know the details of its
enforcement. But it's important for the public to know the progress you
are making on this vital issue. You should report back to the public
annually with a detailed report on progress in creating accountability
for Wall Street pay.

These actions are imperative to end (i) to big too fail and to (ii) a
balance between the financial and non-financial secdtors of the US
economy is restored.